Ferrari (NYSE:RACE) Shares Gap Down – What’s Next?

Ferrari N.V. (NYSE:RACE) gapped down prior to trading on Tuesday . The stock had previously closed at $348.24, but opened at $333.29. Ferrari shares last traded at $332.93, with a volume of 526,130 shares.

Trending Headlines about Ferrari

Here are the key news stories impacting Ferrari this week:

• Negative Sentiment: Ferrari’s Luce EV debut has sparked a cool response from investors and critics, with concerns that the design and electric pivot could weaken the brand’s exclusivity and hurt near-term demand. Critics give Ferrari Luce EV a cool response, shares fall
• Negative Sentiment: Media and social posts have amplified backlash, with some critics mocking the Luce’s styling and comparing it unfavorably to cheaper mass-market cars, adding pressure on sentiment around the launch. Ferrari’s new $640K electric car already a massive fail
• Negative Sentiment: Several outlets noted that the stock fell sharply after the EV reveal, reflecting investor concern that Ferrari’s high-priced electric gamble may not be well received by luxury buyers. Ferrari shares fall 7% after luxury carmaker launches first fully electric vehicle
• Neutral Sentiment: Ferrari also highlighted progress on its ongoing €3.5 billion share buyback program, which may provide some support to the stock, but this has been overshadowed by the EV launch reaction. FERRARI N.V.: PERIODIC REPORT ON THE BUYBACK PROGRAM

Analyst Ratings Changes

RACE has been the topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Ferrari in a research report on Friday, April 10th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $410.00 target price on shares of Ferrari in a research report on Wednesday, February 11th. JPMorgan Chase & Co. upped their target price on shares of Ferrari from $407.00 to $447.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Morgan Stanley set a $420.00 target price on shares of Ferrari in a research report on Monday, February 16th. Finally, Jefferies Financial Group raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Tuesday, March 31st. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $469.06.

Ferrari Stock Down 5.5%

The company has a current ratio of 5.20, a quick ratio of 4.08 and a debt-to-equity ratio of 0.72. The firm has a market cap of $77.00 billion, a P/E ratio of 31.58, a PEG ratio of 3.31 and a beta of 0.95. The company’s 50 day simple moving average is $339.94 and its 200-day simple moving average is $359.48.

Hedge Funds Weigh In On Ferrari

Several institutional investors have recently made changes to their positions in the business. Groupama Asset Managment lifted its stake in shares of Ferrari by 5.7% in the 3rd quarter. Groupama Asset Managment now owns 16,990,621 shares of the company’s stock worth $8,244,189,000 after purchasing an additional 916,821 shares during the period. Vanguard Group Inc. lifted its stake in shares of Ferrari by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock worth $1,937,388,000 after purchasing an additional 58,506 shares during the period. Amundi lifted its stake in shares of Ferrari by 11.1% in the 4th quarter. Amundi now owns 3,303,264 shares of the company’s stock worth $1,220,754,000 after purchasing an additional 330,896 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Ferrari by 8.4% in the 1st quarter. Bank of New York Mellon Corp now owns 2,808,855 shares of the company’s stock worth $950,657,000 after purchasing an additional 218,830 shares during the period. Finally, Morgan Stanley lifted its stake in shares of Ferrari by 43.4% in the 4th quarter. Morgan Stanley now owns 2,546,564 shares of the company’s stock worth $941,109,000 after purchasing an additional 771,039 shares during the period.

About Ferrari

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.